Select 3 questions from Chapter 10OR 3 questions from Chapter 22 and post your answers to the discussion thread. Chapter 10: Developing Accountability in Risk Management 1. Risk workshops often...

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Select 3 questions from Chapter 10OR 3 questions from Chapter 22 and post your answers to the discussion thread.

Chapter 10: Developing Accountability in Risk Management

1. Risk workshops often generate so many risks that it is not possible to adequately assess and address all of them. On other occasions a small number of risks are identified, which allows for an in-depth assessment. What are the advantages and disadvantages of these two scenarios?

2. Explain the differences between outcomes, causes, and risks. Provide an example of each that was not covered in the book. What are the implications of confusing these?

3. Is the terminherent riskhelpful? How could it help and/or hinder the assessment of risk? Do not use Investopedia to answer this question. Be creative!

4. What are the possible complications of moving from assessments of predefined sets of risks to using top-down objectives based on the balanced score card approach?

5. How does voting technology work? Discuss the advantages and disadvantages of using voting technology compared with other approaches such as those described in this case study.

Chapter 22:JAA Inc.—A Case Study in Creating Value from Uncertainty: Best Practices in Managing Risk

  1. At JAA, how are strategic objectives, context, stakeholders, and risk criteria linked? Support your comments with specific examples of the link in these four areas.
  2. Why did JAA believe it is important to create risk criteria? Can a reasonable risk treatment plan be implemented without creation of risk criteria?
  3. Review the risk management policy in Appendix B and describe the kinds of things that constitute a best-in-class policy.
  4. What other types of general or specific polices can you describe to manage risks?
  5. According to JAA, why is the "tone at the top" and strong risk culture deemed critical elements for the company's success?
Answered Same DayApr 05, 2022

Solution

Pankaj answered on Apr 06 2022
14 Votes
1
CHAPTER 10: DEVELOPING ACCOUNTABILITY IN RISK MANAGEMENT
Question 2. Explain the differences between outcomes, causes, and risks. Provide an example of each that was not covered in the book. What are the implications of confusing these?
Answer: The differences between outcomes, causes, and risks are as follows:
Outcomes: These are unintended, positive or negative deviations from project objectives that appear as a consequence of risks. Being late for a deadline, and failing to reach a contracted-upon performance target are all examples.
Causes: Specific events or sets of circumstances that occur in the project cause uncertainty. The necessity to contrivance the project in a country, the need to install untested new technology, a shortage of competent personnel, or the fact that the organisation has never done a similar project is all examples.
Risks: These are unforeseeable occu
ences or circumstances that, if they occur, will have an impact on any aims. Examples. Includes the possibility that deliberate production goals will not be met, the vagueness of interest, the possibility that client prospects will be misconstrued, and the question of whether a contractor will provide the plan.
Implications:
· Outcomes: The change in objective terms that has occu
ed as a result of planned action is described by outcomes.
· Causes: This phrase describes the relationship between events or things in which one is the outcome of another or others.
· Risks: Risk is defined financially in every business and sector. Risks cannot be avoided, but efforts can be made to reduce them by tackling them directly.
Question 4. What are the possible complications of moving from assessments of predefined sets of risks to using top-down objectives based on the balanced scorecard approach?
Answer: This scorecard is one performance measuring tool that has been designed to alleviate the...
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